Bitcoin miner Argo Blockchain sold a site to repay debt amid declining BTC production.

Argo sells site to repay debt

On March 5, Argo announced selling its Mirabel Facility in Quebec for $6.1 million. The sale allowed Argo to allocate $4 million to reduce its debt to Galaxy Digital to $14 million, a significant drop from the original $35 million debt. The remaining proceeds were used to pay off the mortgage on the Mirabel Facility. The company plans to move miners from Mirabel to its Baie Comeau facility in Quebec and liquidate older miners totaling 140 PH/s.

Argo's CEO, Thomas Chippas, highlighted the strategic benefits of exiting the Mirabel site while maintaining a strong hashrate capacity of 2.7 EH/s.

In 2021, Argo borrowed to expand mining without selling its BTC holdings, but the 2022 market downturn led to selling its Texas Helios site to Galaxy Digital for $65 million and securing $35 million from Galaxy to clear other loans.

BTC production declines

Argo's BTC production fell 21% in February to 92 BTC due to maintenance outages at the Cottonwood substation and increased BTC network mining difficulty, which reached a record high of over 81 trillion. Consequently, Argo's mining revenue dropped 15% month-on-month to $4.5 million, with the company holding around 14 BTC as of February 29.